From the following Receipts and Payments Account of Kapil Dev Club and from the given additional information, prepare Income and Expenditure Account for the year ending 31st December, 2019 and the Balance Sheet as at that date: RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 Dr. Cr. Receipts ₹ Payments ₹ To Balance b/d 1,90,000 By Salaries 3,30,000 To Subscriptions 6,60,000 By Sports Material 4,00,000 To Interest on Investment 40,000 By Balance c/d 1,60,000 8% p.a. for full year 8,90,000 8,90,000 Additional Information:(i) The club had received ₹ 20,000 for subscription in 2017-18 for 2018-19.(ii) Salaries had been paid only for 11 months.(iii) Stock of sports materials on 31st March, 2018 was ₹ 3,00,000 and on 31st March, 2019 ₹ 6,50,000.